Kenmare Resources reports record production
Dublin-listed company says it received higher average prices for all products last year
Michael Carvill: “In 2018 Kenmare achieved production guidance for a third consecutive year, and total shipments of all products also set new annual record levels.” Photograph: Bryan O’Brien
Irish titanium and zircon miner Kenmare Resources bounced back from a $34.1 million (€29.6m) debt last year as it reported a record performance.
The Dublin-listed company reported a net cash position of $13.5 million at the end of 2018 in an update.
The company said production of ilmenite in December hit a record, achieving a run rate of 1.2 million tonnes per annum. It offered production guidance for 2019 of between 900,000 and 960,000 tonnes.
Kenmare said heavy mineral concentrate production rose 4 per cent to 1,370,800 tonnes last year, while there was a 3 per cent increase in total shipments of finished products to 1,074,400 tonnes, also a record.
The group added that it received higher average prices for all products when compared to 2017.
“In 2018 Kenmare achieved production guidance for a third consecutive year, and total shipments of all products also set new annual record levels,” said managing director Michael Carvill.
“Production in 2019 is expected to decrease slightly due to an anticipated reduction in grade, although ilmenite shipment volumes are expected to be maintained as finished goods inventory is drawn down.”